SpaceX SPV investors report lost holdings after IPO, file complaints

Huo Xing Cai Jing reports that on August 6, according to The Wall Street Journal, multiple investors claimed they indirectly held shares in SpaceX through a special purpose vehicle (SPV) managed by Late Stage Management, but after SpaceX’s June 2026 IPO at a $1.77 trillion valuation, they were unable to access their accounts and were informed by the company that their shares had been sold in 2024, causing them to miss out on massive gains. Investors have filed complaints with the U.S. Securities and Exchange Commission (SEC) and retained legal counsel, as there is a serious dispute over the status of their holdings. Late Stage Management, founded in 2015, marketed itself to individual investors as a pathway to acquire pre-IPO shares in popular tech companies, claiming profits would only materialize after the company went public. In March of this year, three Late Stage executives admitted to allegations of defrauding investors. Federal prosecutors stated that Raymond John Pirrello Jr., Joseph Passalaqua, and Robert Cassino concealed markups and fees from investors. All three are awaiting sentencing and face up to 20 to 45 years in prison. Their attorneys say the issue of unlisted shares is not part of their case; attorneys for other executives have not immediately responded to requests for comment. SPVs tied to other potential blockbuster IPOs have also drawn scrutiny. Investors holding SPVs linked to Anthropic, which is expected to launch its IPO this fall, have recently been unsettled. In May, the AI company updated its website with a notice stating it would not recognize sales of Anthropic shares without board approval, specifically naming several online platforms that had resold interests directly or indirectly through SPVs. At least two brokers continue to send emails and text messages to potential investors offering opportunities to acquire Anthropic shares via SPVs.